Weekly cryptocurrency inflows hit a record high of $3.85 billion, with Bitcoin, Ethereum, and XRP shining.
According to CoinShares’ latest report on digital asset flows, cryptocurrency investment products achieved a historic milestone last week with weekly inflows hitting a whopping $3.85 billion.
These inflows increased year-to-date (YTD) totals to $41 billion and assets under management (AuM) to $165 billion. This figure surpassed the previous record set in 2021, which had total inflows of $10.6 billion and AuM of $83 billion.
bitcoin lead
Bitcoin emerged as the dominant force in inflows last week, contributing $2.5 billion to total inflows and taking YTD inflows to $36.5 billion.
US-based Bitcoin ETFs contributed significantly to these numbers, with BlackRock’s IBIT recording inflows of over $3 billion and Fidelity’s FBTC recording inflows of $262 million.
Notably, due to the influx of these products, their BTC holdings are now higher than those of Satoshi Nakamoto, the pseudonymous creator of the flagship digital asset.
Interestingly, Bitcoin shorts also saw $6.2 million inflows. James Butterfill, head of research at CoinShares, linked these inflows to the current bullish momentum in the market, which helped push BTC price to all-time highs above $100,000.
However, he noted that this amount reflects the cautious stance of bearish traders amid bullish market momentum. Historically, inflows into short-term goods tend to surge following significant price increases.
Ethereum and XRP gain traction.
During the reporting period, Ethereum attracted $1.2 billion in inflows, marking the highest weekly total since the launch of an Ethereum-based ETF.
Market observers noted that increased demand for Ethereum products has resulted in inflows totaling over $1.3 billion for the second consecutive week. This surge coincides with growing interest in the utility of Ethereum and expanding institutional adoption.
XRP maintained its upward momentum, recording inflows of over $134 million. Market optimism surrounding the launch of a potential XRP ETF in the US has strengthened its appeal among investors.
XRP also recently achieved its highest price in seven years, surpassing $2 and pushing its market capitalization to $150 billion. However, the asset is said to have fallen slightly by 5% over the past 24 hours to $2.43 at press time. CryptoSlate’s data.
